Myth #1: Entrepreneurship is a quick and easy way to make money.

Truth: Owners of any type of business, large and small, can agree that entrepreneurship takes time and dedication. Moreover, it is a constant learning process, and your efforts may not be rewarded quickly or easily. In many ways, small business ownership is a lesson in patience and adaptability.

A belief in your business idea, backed by a realistic approach, should propel you forward in due time. Further, a savvy business plan is much more likely to yield sustainable earnings than a get-rich-quick scheme.

Myth #2: An entrepreneur’s schedule is flexible; I can work as much, or as little, as I would like to.  

Truth: As an entrepreneur, your schedule may often be mandated by the availability of your customers and clients.

Compared to traditional work scheduling, business owners can find themselves working irregular hours, including nights and weekends, and may even work more hours than required by previous employers. A potential entrepreneur must be prepared to adapt to this shift, while also taking steps to manage their time wisely.

This is not to say that you will not have time to yourself; Making time to decompress can fight burnout and keep your mind clear. Finding a balance is key, and you may find entrepreneurship to be a rewarding lifestyle that is well worth your efforts.

It is helpful to note that there are several practices that can prevent you from putting every ounce of free time toward your business. Keeping a solid business plan and timekeeping methods (such as a well-organized business calendar) will make it easier for you to manage your responsibilities.

Myth #3: I am required to handle every single aspect of business, including specialized tasks (such as web design and bookkeeping) that I am not very familiar with.

Truth: There is only one you, and only you know how to run your business. This makes it all the more crucial to avoid spreading yourself too thin. Whether you decide to add an employee to your team or hire a contract worker, delegating tasks to others will allow you to focus on the bottom line: Where do you want your business to go, and what must you do to achieve this?

Delegation is a major component of time management. Adequately defining and recognizing your responsibilities –as well as those of your associates and employees– can help to improve overall business efficiency.

Myth #4: If my business is small, I am better off leaving it unregistered.  

Truth: You may be under the impression that registering a business is too complicated or time consuming, especially if a business operation is still in its early stages. If you are intimidated by this process, a business professional can set you on the right foot and ensure that you are fulfilling legal requirements.

Legitimizing your company is a smart move that will set you and your business up for future success, especially as it relates to compliance with labor laws, taxation, and protecting personal assets. Having a registered business also builds credibility among potential clients, customers, and business partners. If you have worked hard to get your business up and running, you owe it to yourself to take advantage of these benefits.

Information in this article is provided for educational purposes only and not intended to constitute legal advice. Please consult with a licensed attorney in your jurisdiction for help with your specific situation.

Make your business goals a reality. For assistance with business formation or an existing business endeavor in Maryland, contact the Law Offices of Elsa W. Smith, LLC at 410-995-7719.